A home equity line of credit lets you borrow against the value of your home, usually at a rate near prime. It's the cheapest revolving credit most Canadians can get — and the easiest to abuse, because the minimum payment is often interest-only and the balance can sit there for decades.
These pages explain how HELOCs actually work in Canada, what they cost, and how they compare to refinancing or a personal loan.
Limits, rates, readvanceable mortgages, and the risks nobody mentions.
Why interest-only payments feel cheap and cost a fortune.
Which one fits which job.
The 65% / 80% rules and what lenders actually check.
Rates, fees, and the true annual cost.
Estimate your borrowing limit and monthly interest cost.
Compare your mortgage payment against a HELOC draw.
HELOC rates float with prime — see where it's been.
The number your HELOC rate is pinned to.
Why HELOCs don't have one — and why that's dangerous.
The federal regulator's plain-language HELOC rules.
The policy rate that drives prime.
SimpleLoan is a free, independent information site. Nothing on this page is financial advice — confirm current rules with the official sources above before making a borrowing decision.